07:12 AM EDT, 05/10/2024 (MT Newswires) -- Algonquin Power & Utilities ( AQNB ) on Friday reported a 20% decline in adjusted net earnings and named a new CEO with immediate effect.

First-quarter adjusted net earnings came in at US$95.6 million, or US$0.14 per share, down from US$119.9 million, or US$0.17 per share. Revenue fell 5% to US$737.1 million from US$778.6 million.

Algonquin reported an adjusted EBITDA of US$344.3 million, a 1% increase from $341 million.

In addition, Algonquin's board named Chris Huskilson CEO after the executive served as interim CEO since August 2023. Huskilson will also continue as a board member.

"In the first quarter, we continued our efforts to simplify the business and transition towards a pure-play regulated strategy, which included successfully winding down our international non-regulated development activities and our North American development joint venture," Huskilson said. "Our renewables results came in on target and we continue to make progress on the sale with an unchanged timetable."